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The Kaiser Law Firm, P.C. Blogen-us2019 The Kaiser Law Firm, P.C., All Rights Reserved, Reproduced with Permissionhttps://www.kaiserlawfirm.com/blog/Mon, 11 Mar 2019 11:08:11 GMTThe Kaiser Law Firm, P.C. Bloghttps://www.kaiserlawfirm.com/images/logoprint.gifhttps://www.kaiserlawfirm.com/blog/
Click Here to see the article!]]>https://www.kaiserlawfirm.com/blog/andy-kaiser-named-top-estate-planning-attorney-for-2019.cfmwww.kaiserlawfirm.com-187193Fri, 08 Mar 2019 12:26:00 ESThttps://www.kaiserlawfirm.com/blog/in-missouri-can-i-avoid-probate-with-a-will-.cfmwww.kaiserlawfirm.com-185174Tue, 11 Dec 2018 16:22:00 ESTWhat is the Dunning Kruger Effect you say? It is the problem of meta-ignorance which is a person’s ignorance of ignorance named after social psychologists Justin Kruger and David Dunning. All too often we see business owners and affluent families wait until they are sued or in trouble before the inquire about protecting their assets. They are subject to the Dunning Kruger Effect. Don’t be one of those subject to the Dunning Kruger Effect. Take a moment to read our Report, “10 Questions You Should Ask About Protecting Your Assets in Missouri”]]>https://www.kaiserlawfirm.com/blog/don-t-be-caught-in-the-dunning-kruger-effect-.cfmwww.kaiserlawfirm.com-185173Tue, 11 Dec 2018 16:10:00 EST

7 Simple Steps To

Happiness And Success!

Are you feeling stuck on the roadmap of life? Have you longed for greater success and happiness, but haven’t yet hooked the brass ring?

Albert Schweitzer once wrote, “Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.” Here are seven steps you can take today to achieve more happiness and success in your life:

1.1.Believe In Yourself.Identify your natural talents and abilities. Do what you enjoy and what you do best.Truly successful and happy people find joy in their working lives. Invest your time in what you do best.Focus on your strengths and not your weaknesses.

2.Develop a Vision.First, define your path and start working your plan. Write down a vision for yourself and your life. Be specific. What do you want to accomplish? What do you want your life to look like in 5 years, 10 years?

3.Develop Good Habits.Happy and successful people choose good habits. If you’re watching too much TV, chronically late, or eating poorly, make a commitment to change your bad habits into habits consistent with your goals.

4.Show Gratitude. The happiest people are also the most grateful people.Count your blessings frequently and you’ll quickly start seeing a change in yourself and the world around you.

5.Take A Chance.Seize opportunities! Success and happiness does not come to those who sit and wait for it to be brought to them.

6.Give to Others.Studies reveal that the happiest people are also the most generous.Do, say, or give something nice to another and see how your own life improves.

7.Take Responsibility. You hold the key to your future. Take responsibility for your actions. Choose the work you like to do, and do it well. Ultimately, you are the master of your fate. You choose your own future by the decisions you make and the actions you take.

Your children are your pride and joy. It is no surprise that at some point or another, every parent likely becomes concerned about who will care for a minor child or children if one or both parents die or are incapacitated. From a financial perspective, many parents turn to life insurance in an effort to take care of their family in the event of death. While it is true that life insurance is a particularly helpful financial tool to protect your loved ones, it is just as important to consider how to leave the proceeds to your minor children.

Once you decide to purchase life insurance you will name a beneficiary of the insurance proceeds. If you fail to have a proper plan in place and your children are minors at the time they inherit life insurance proceeds, the court will appoint a conservator to “watch over” a minor person’s money. This process requires attorneys’ fees, court proceedings, supervision from the court, and will generally limit investment options — all costs and delays that will not help your children, but rather cost them a significant percentage of their inheritance. Another downside? Whatever’s left when the child turns 21 will be handed over, without any guidance or boundaries. This can impact college financial aid opportunities as well as open a ready opportunity for irresponsible spending that most parents would never intend.

How To Leave Assets To Your Children?

There are several ways in which you can structure your life insurance policies and overall estate plan to benefit your minor children in the most streamlined way possible.

First, instead of naming minor children as beneficiaries, use a children’s trust to manage and use the money for the benefit of your children. This lets you designate someone you think will manage the money well, rather than leaving it to the whims of the court.

Second, select and name a guardian to handle the day-to-day care for your children. This person can be different than the person managing in the money, which can sometimes work well depending on the amounts involved and the different skill sets needed to manage money versus raise children.

Benefits of a Trust

Generally, parents list a minor child as the secondary or contingent beneficiary on life insurance and retirement accounts after first naming the surviving spouse as a primary beneficiary. This may work, as long as everyone dies in the “right” order and at the “right” time. But, it’s a gamble, and providing structure through a trust for these inheritances is a vastly superior option. Unlike guardianship or custodian accounts, where the proceeds must be handed over once the minor(s) turns a certain age, you can specify at which age your child receives the proceeds. This allows you to specifically designate how the money is to be used, so it will be available for important life events, while protecting your children from reckless spending. Ultimately you have more control with a trust, and your customized plan will provide the best protection for your family.

If you have any questions about how to leave assets to your minor children — whether it is a life insurance policy or any other asset — contact us today so we can help you explore the options available to your family, determine what tax implications will result, and advise you on the best structure that will protect your family’s needs.

Although a nursing home cannot require a child to be personally liable for their parent's nursing home bill, there are circumstances in which children can end up having to pay. This is a major reason why it is important to read any admission agreements carefully before signing.

Federal regulations prevent a nursing home from requiring a third party to be personally liable as a condition of admission. However, children of nursing home residents often sign the nursing home admission agreement as the "responsible party." This is a confusing term and it is not always clear from the contract what it means.

Typically, the responsible party is agreeing to do everything in his or her power to make sure that the resident pays the nursing home from the resident's funds. If the resident runs out of funds, the responsible party may be required to apply for Medicaid on the resident's behalf. If the responsible party doesn't follow through on applying for Medicaid or provide the state with all the information needed to determine Medicaid eligibility, the nursing home may sue the responsible party for breach of contract. In addition, if a responsible party misuses a resident's funds instead of paying the resident's bill, the nursing home may also sue the responsible party. In both these circumstances, the responsible party may end up having to pay the nursing home out of his or her own funds.

Although it is against the law to require a child to sign an admission agreement as the person who guarantees payment, it is important to read the contract carefully because some nursing homes still have language in their contracts that violates the regulations. If possible, consult with your attorney before signing an admission agreement.

Another way children may be liable for a nursing home bill is through filial responsibility laws. These laws obligate adult children to provide necessities like food, clothing, housing, and medical attention for their indigent parents. Filial responsibility laws have been rarely enforced, but as it has become more difficult to qualify for Medicaid, states are more likely to use them. Pennsylvania is one state that has used filial responsibility laws aggressively.]]>https://www.kaiserlawfirm.com/blog/when-can-a-child-be-liable-for-a-parents-nursing-home-bill-.cfmwww.kaiserlawfirm.com-183069Mon, 13 Aug 2018 10:36:00 EST

Depending on how long ago you completed your estate plan, it may be out of date or even obsolete. Have you reviewed your life insurance policies, your beneficiaries, and your trustees? Does your plan reflect the current estate tax exemption laws?

In an unprecedented move in major league sports, the Baltimore Orioles will offer free admission to Orioles Park at Camden Yards to any child age 9 or younger all season as part of a larger outreach program the club is developing. Let’s hope the Cardinal’s get behind this program!